My New Blog

Sure, it happens, events can take place in your life that hurt your credit score...but do you know what's even worse?  Bad Credit Reporting!!!

I'm assisting a client who went through a Short-Sale two years ago.  Problem is, all three reporting agencies have different information regarding the account.  The automated systems will not provide an approval.  Talk about frustrating...

Just a suggestion, the big three reporting agencies; Experian, Equifax and Transunion have a co-sponsored site,  It's where you can go and obtain a complete credit report (no scores will be provided, that's a "pay for service"option that we as mortgage professionals are required to obtain.  The info is great. The site also provides a way to get your report corrected.  And it's FREE!

Check it out....
Posted in:General
Posted by David K. Harrington on April 2nd, 2014 3:21 PM

Simply put, you can purchase a property for CASH (some folks can) and then, you get a loan AFTER.  The loans are treated like Purchase Loans so there is NO CASH out restrictions and you get the benefit of PURCHASE "loan to values."

If you pay cash, in order to get "cash out" later, you need to wait 12 months from the date of closing.  It's a wonderful strategy for those who used CASH to obtain the best price and close put their money to work again.  It can be a wonderful financial strategy.

Posted in:General
Posted by David K. Harrington on March 4th, 2014 4:17 PM
Just a quick note...especially if you're self employed.  Once you file your tax returns, they must be part of your mortgage application. So, BEFORE you finalize your returns (assuming you plan on purchasing or refinancing this year) give me a call.  There are many areas in a return which can be "tax friendly" but "qualifying killers."

As the old saying goes, "don't be penny wise and pound foolish!"
Posted in:General
Posted by David K. Harrington on February 10th, 2014 11:48 AM
What's this all mean?  Rates are looking pretty good.  Think you may have missed the boat?  Think again.  Give me a call.  We can review your current situation and see if you can take advantage of today's lower interest rates.
Posted in:General
Posted by David K. Harrington on February 3rd, 2014 12:47 PM

For W2 employees, this area of the Federal Tax Returns, more commonly known at "1040's - Schedule A Line 21-with form 2106 Attached," can be a deal killer when qualifying for a home mortgage.

Sure, everyone likes to pay less to Uncle Sam, but there ARE consequences.  Mortgage guidelines require 2106 Expenses be deducted "dollar for dollar" against your base income. 

Let's say you make $75,000 per year.  Should you have 2106 expenses of $10,000, your NEW adjusted income to qualify for a mortgage is now $65,000. 

Sure, you can save some money NOW, but you could limit your future purchase options or eliminate your ability to refinance your current mortgage.

If you have any questions, calling BEFORE you FILE your 2013 Taxes would be better than AFTER. Don't let your current goal (pay less taxes) stop your future goal (home ownership/refinance).  

Posted in:General
Posted by David K. Harrington on January 29th, 2014 10:28 AM
Now that the new year has arrived, potential clients are starting the home buying process.  Unfortunately, finding out "NOW" that credit issues exist, is a little troubling.  Removing erroneous credit information or trying to "resolve" old issues can take weeks to months depending on the severity.  If 2014 is your year to purchase a home, call me today at 800.465.1404.100.  What you don't know about your credit ....CAN HURT YOU!  
Posted in:General
Posted by David K. Harrington on January 13th, 2014 9:25 AM

The ProTon Group, Inc.

119 Jadestone
Irvine, California 92603